Analysis
Twelve registration statements reached EDGAR between Aug. 31 and Sept. 1. What changed since Pulse examined the old-economy S-1 wave is both the volume and the arrival of a genuine AI infrastructure filing at the top of the queue.
The filings, in order of consequence:
“31)** -- SoftBank's AI data center and power company, seeking a Nasdaq listing under the ticker SBE.”
- SB Energy Inc. (S-1, Aug. 31) -- SoftBank's AI data center and power company, seeking a Nasdaq listing under the ticker SBE. It has 8.8 gigawatts of data center capacity contracted or under construction across campuses in Texas and Ohio and 5.5 gigawatts of power projects contracted, operating or under construction. First-half 2026 revenue was $138.7 million against a $3.21 billion net loss; fiscal 2025 revenue was $213.5 million against a $738 million loss. Nvidia has committed $3 billion, split between a private placement closing alongside the IPO and a prepaid forward contract. No data center capacity is operational yet; first data center revenue is expected in the fourth quarter. Sam Altman was an early investor. CNBC has the filing detail.
- Wella Co (S-1, Aug. 31) -- the KKR-owned professional beauty business, headed for the NYSE. Pulse covered the filing.
- Syntiant Corp. (S-1/A, Aug. 31) -- edge AI silicon for always-on audio, an amendment to a registration Pulse has been tracking.
- Tailored Brands (S-1/A, Aug. 31) -- the Men's Wearhouse and Jos. A. Bank parent, back to public markets after its 2020 bankruptcy. Pulse covered it here.
- Entrata, Inc. (S-1/A, Sept. 1) -- Utah property management software, one of the few profitable software filers in the queue. Pulse covered the amendment.
- StableCoinX Inc. (S-1, Aug. 31) -- the Ethena ecosystem treasury company already trading on Nasdaq as USDE following its June business combination with TLGY Acquisition Corp.
- Cyabra, Inc. (S-1/A, Sept. 1) -- AI-driven disinformation and bot detection.
- FingerMotion, Inc. (S-1, Sept. 1) -- mobile data and telecom services.
- Tecogen Inc. (S-1/A, Aug. 31) -- on-site cogeneration and chillers, a company whose product is suddenly relevant to distributed power.
- Onconetix, Inc. (S-1/A, Aug. 31) -- oncology diagnostics.
- RainRock Acquisition Corp. (S-1, Sept. 1) -- a blank-check vehicle.
- Capstone 72, Inc. (S-11/A, Sept. 1) -- a real estate registration.
The composition is the signal. A functioning IPO market has beauty brands and menswear retailers in it alongside the marquee technology name, because generalist funds need something to buy that is not priced on a 2030 capacity curve. SB Energy is the exception that carries the risk: a company with $138.7 million of half-year revenue, a $3.21 billion net loss, no operational data center capacity, and Nvidia and OpenAI on both sides of its customer and investor relationships.
The stretch to watch runs from mid-September through late October, when these registrations either convert to pricings or quietly go stale.
